If you have a security registered against your name, the holder of the registered interest (eg a creditor) may be entitled to enforce their interest in your property for the purpose of discharging the debt. For example if you have a mortgage over your property, the bank may seek orders for the sale of your property so that the debt can be discharged.
In relation to land, the Real Property Act outlines the procedure upon default and may apply to the bank’s enforcement of their security.
In relation to personal property, Chapter 4 of the Personal Property Securities Act 2009 (Cth) (‘PPSA’) provides general enforcement rules dealing with the seizure, disposal or retention of collateral, and steps to be taken after a security interest in collateral has been enforced. Additionally Chapter 4 also provides for remedies which may be applicable in relation to enforcement.
In some instances, a dispute may arise in the enforcement of security interests. For example, there may be a dispute about whether:
- The instrument or agreement creating the security interest was registered within time;
- A security interest was capable of being created under the instrument or agreement;
- There was any error in the registration of that security interest;
- The validity of the security interest and thus, whether it is capable of enforcement.
If you seek to enforce an interest, or are having an interest enforced against you, Navado may be able to assist you in determining the best way forward to resolve the dispute in a cost efficient and timely manner.
If you require assistance with a security interest dispute, we recommend that you contact our office and arrange an appointment to see one of our Property & Personal Property Dispute Solicitors in our Sydney office. By appointment, we can also arrange a time for you to see one of our lawyers at a branch office. For a complete listing please see our "Locations" tab.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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